Latest News & VACUL Headlines
- NCUA Board Proposes Increasing Threshold for ONES Supervision
February 17, 2022Through a live webcast, the National Credit Union Administration Board held its second open meeting of 2022 and unanimously approved two items: (1) A notice of proposed rulemaking for assigning certain federally insured credit unions to the appropriate NCUA supervisory office and (2) An interim final rule that extends two temporary changes to the NCUA’s prompt corrective action regulations.
- Corporate Check Fraud Reported
February 17, 2022CUNA Mutual Group issues Corporate Check Fraud Alert. Learn more
- CFPB Says Consumers Getting Runaround from NCRAs
February 17, 2022The CFPB has published another blog article in its campaign to make consumers aware of a CFPB report that the nationwide consumer reporting agencies (NCRAs), including the Big Three—Experian, Equifax, and TransUnion—are failing to substantively respond to most consumer complaints filed with the Bureau and harming consumers and businesses in the process.
- Fannie Mae Cuts 2022 Origination Forecast
February 17, 2022Fannie Mae's February mortgage origination forecast reduced its outlook by $172 billion as rising interest rates and higher prices increasingly take their toll on affordability. Company executives alluded to the lowered projection of $3.17 trillion in its fourth quarter earnings call on Feb. 15. In January, Fannie Mae economists expected $3.34 trillion for the year.
- OIG Releases Audit Statement on NCUA’s ‘Four Funds’
February 16, 2022The National Credit Union Administration’s (NCUA) four funds again earned unmodified, or “clean,” audit opinions for 2021, according to audited financial statements released by the agency’s Office of the Inspector General. Learn more
- Credit Unions Should Be Enabled to Provide Digital Asset Services
February 16, 2022Cryptocurrency and digital assets and platforms created through blockchain technology are poised to create major disruptions in the delivery of financial services, CUNA wrote to the Senate Banking, Housing, and Urban Affairs Committee Tuesday. The committee conducted a hearing on the report from the President’s Working Group on Financial Markets’ Report on Stablecoins.
- BREAKING NEWS: First Step Taken to Revoke Virginia's COVID-19 Workplace Standard
February 16, 2022The Virginia Safety and Health Codes Board, a subset of the Virginia Department of Labor & Industry, today took the first step toward revoking its COVID-19 Emergency Standards for Virginia's workplaces. In January 2021, the Virginia Department of Labor and Industry (DOLI) enacted its Permanent Standard (which replaced an Emergency Temporary Standard), requiring employers to develop and train employees on their plan for limiting the spread of COVID-19.
- BayPort Credit Union Opens Fourth Virginia Beach Branch
February 16, 2022BayPort Credit Union announced it has opened its fourth Virginia Beach branch to better serve its growing Southside membership. BayPort celebrated the grand opening with an official ribbon-cutting ceremony led by Virginia Beach Mayor Bobby Dyer.
- Overdraft Overhaul to Drive More Credit Union M&A in 2022
February 15, 2022Much like U.S. bank M&A, the number of credit union mergers rebounded in 2021 following a pandemic-induced dip in activity in 2020. Credit unions completed 168 deals in 2021 (including three in Virginia), up from 139 in 2020 and 153 in 2019, and one credit union adviser said activity will not slow down in 2022. Credit unions are increasingly looking to mergers for reasons similar to banks, like gaining scale and offsetting multiple quarters of tepid loan growth, but the recent uptick in banks eliminating or drastically reducing non-sufficient fund and overdraft fees will likely drive even more credit union mergers this year, says one expert.
- CUNA GAC: Changes to D.C. Vaccination, Mask Requirements
February 15, 2022GAC Attendees: Washington D.C. city officials announced yesterday they are ending their vaccine verification requirement effective today. They have also indicated the indoor mask requirement will expire on Feb. 28.